Uber’s Potential Acquisition of Expedia, Why Is Europe Always Lagging Behind the US? and How to Outsource to Grow Your Company
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Welcome to the property pod's office hours.

This is the part of the show where we answer your questions about business, big tech, treneman ship and whatever else is on your mind. If we have like to submit a question, please email the voice recording to office is a prometea outcome again, that's office hours, a proto mediate our com. So with that first question.

hey, prog, this is ryan. I'm coming to from denver, colorado. I have a question just regarding the recent rumors that surfaced about ubs potential acquisition of expedia. Would love to get your thoughts on just the financial feasibility of this deal, and thanks for all you do proof on a weekly listener of all the pods and love the content you put out.

Keep doing what you're doing, ryan, from them. Thanks to the question in the kind words, by the way, I think this colorado america, I think they do a great job there a is spectacular, beautiful. I just bought homework anyways.

Um where are you going with this? All right. So the financial times reported that uber recently explore the possibility of buying idea that twenty billion or travel booking giant, by the way, have a new, they have a fantastic new CEO.

They do a great job. I actually use speea think they are incorporating A I am very subtleties to kind of remember who who I am when I show at the side. They know my economic quit class kind of tells I stay out.

They do a very good job, and I like the U. I, F, U. will. Big picture. This would be ubs largest acquisition to date, in which further diversify the right healing company. In the past years, uber has expanded into other businesses, including train and flight bookings, who delivery, logistics and advertising.

Some of uber deal since of the republican in twenty nineteen included its expansion into food and beverage delivery by the opposition post mates about two point seven billion, and zy for one point one billion. I think they overpay for that thing. One point one billion really.

IT also went into the freak logistics business. Three, two and a quarter billion purchase of trans place. Uber also purchase korean, a middle eastern right hAiling business, for three point one billion dollars. Wow, that serious should.

So this is essentially companies can either expand horizontally or vertically, and that is they can go after similar businesses or they can try and find basically offer more businesses to the same consumer. I kind of like the idea of one APP that use the I and I say, okay, so tonight i'm going home to london. I like the idea of hitting the APP in using a eye.

IT says, okay, when you want to travel, that IT are how many people? And I kind of is the whole thing. IT is all right.

Uh, here, these are the flights we think you would want to go. This is these, the hotels we think you would want to stay. By the way, we're going asked to you much questions once you figured out and say, I want this his voice.

Enable the ee. We're going to set up the ubs. We're going to set up the right c tree on the plane as we know your preference. There's gonna be a travel APP that just take you off the table. And I also think that uber has such an incredible uber.

Uber 是 primary asset is that has used on your face and custody of the consumer。 Incredible trust with, I don't know, I know what I have one hundred hundred million people also, I would absolutely be going shopping if I was uber head of corporate development. Right now the stock is up fifty six percent, meaning they kind of playing with the houses, money and studious market cap just under twenty billion.

They probably to pay twenty five per third. Their stocks is up twenty four percent year, but ubs market cap is one hundred and seventy three billion. You are talking about what is potentially probably about a fifteen percent illusion for them to have those assets in those additional consumers.

I do think they're be synergy there, more uber towards expedia than expedia towards uber. Also, dark knows the company really well. What did is the successful acquisitions, but first offer very few of them.

Only one in three acquisitions works or pays off. why? Because it's kind of a lazy C S. Way to greater compensation.

What do I mean by that? All behavior in a company can be reverse engineer to the compensation of the senior executives and the way compensation works for CEO. The following the compensation committee looks at the compensation of CEO in that industry of companies that size.

So there is an incentive to get bigger. Also, there's an incentive to diversify and in other fields such that, that smooth out your earnings and everyone's looking for the transformational acquisition is going do for their company what instagram did for meta or what youtube did for alphabet, right? A great acclimation can be transformational, but you almost always overpay because they assets you want to expensive and they want to bring him and they can only sell once and they almost always, generally speaking, overpay for the acquisition.

So most acquisitions don't work out well in the most valuable company in the world. Apple effectively does almost no acquisitions because they see their cultures being very important. They don't want overpay and they're rather build stuff anyways.

In this instance, I think it's a really interesting idea. I like that the dog likes IT. Question number two.

ice god, this is burton in Sandy ago. I am a long time listener and I always appreciate hearing you're good faith, uh, well thought out point of you, even when I disagree, something you bring up a lot is how europe has stagnated conomo ally while the U. S.

Enjoys growth over recent decades um for me IT seems like the growth is mostly on paper and mostly for the rich while the average european and enjoys in practice a much higher and more secure quality of life. What am I missing here? And what do you think the U. S. Can do to ensure that security while maintaining growth?

But that is a really thought ful question. And also I just want to acknowledge there is some truth to what you think is most of our state, look at economic growth and aggregate. Look at the household income and aggregate.

First of, let's acknowledge, the us. Has been driven by the prosperity of the top one percent. And I think one of the unhealthiest metrics s we have out there is the doll jans of the asda because he gives you the impression that the economy is doing really well.

Guess what? One percent of american populus sounds ninety percent of the economy. So essentially the down jone's industrial average in the nasdaq, our metrics on how well the one percent is doing.

And guess what, someone new highs this year. So okay, boiler alert, the top one percent are absolutely killing IT. But also the american public lets IT happen because one of our superpower's is our optimism and people believe there's a shot they're going to be in the one percent.

So how would you catalist or how would you summer ze american economy? I still believe that amErica is the place that if you're talented and want to go flat out, you just want to run so fucked and hard, you want to leave IT on the field. You're not working to live.

You're living to work. You want to be economically secure. You really want to go after influence, power and economic security.

AmErica is absolutely the best place. Thinks this goes slower in europe. Averaging comes in europe twenty seven percent behind the U.

S, with wages that are thirty seven percent lower. If you took out london out of the U. K, essentially the household income is lower than IT is in our poor state in the us.

Mississippi, twenty twenty ten and twenty twenty three. The U. S, G, D.

P. Grew by thirty four percent, who while the E. U. Managed only twenty one percent.

So a lot of people say what's different in europe, in the us, a minutes, a few things. On a very based DNA level. The us.

Is everyone who decided to leave, and europe is everyone that decided to stay. Think about that, the people who left. And by the way, they're selfish.

My mom left two siblings that were still in an orphanage. Both her parents were gone. That was a selfish move, but he came to amErica and off a secretary of salary.

My mom lived, died, a secretary. But we add, as an upper, lower middle class family, I think we had Better lives in the majority of our family, uh, that stayed in the U. K. Now why is that? Retaking infrastructure, natural resources, incredible education institutions geographically blessed with friendly canada to the north and harmless mexico to the south, more oil pressure with a larger centre, produce from the world, largest large coal, large.

And they were just so blessed, one of largest agricultural al producers in the world, that we produced the british minds and I, that the brightest minds in the world, I have one thing in common, they want to come to the us. So we're just blest with a ton of attributes and back to risk aggressiveness. One of the sets I love is that there are dramatically more per capital entrepreneurs in the U.

S. Coming at a college. But even more importantly, we have the capital to funder drink.

For every startup in europe, there's one million veta capital rice. For every startup in the U. S, there's five million and veta capes. We have five times the risk capital. Anyway, long winded way of saying i'm not entirely sure, but I think it's about risk aggressive.

It's about capital in some of the natural blessings we have in a few reported to inspire growth, they would need to have government subsidies, attack companies and also a bigger investment in a world class engineering educational institutions. Thanks to the question. We have one quick break for our final questions. Stay with us.

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Welcome back.

Question number three. I ve got I, in my mid thirties, married and have a two old. Uh, I manage three properties while working two jobs growing up.

My parents always did everything themselves to save money, so i've had a hard time authoring tasks to contractors. Even though I know hiring help. Would you make things easier? I tend to focus some money I save doing IT myself, which ends up taking more time and adding stress.

It's becoming harder to manage h especially with the two jobs and caring for my toddle. I want to scale up and start investing in commercial properties, but the amount of work I already have is hold me back. Do you have any advice on how I can change my mindset to be more comfortable with the answer ing so I can grow .

my business is so anonymous first off, you're a Young man with is raising a kid and you own real state. This puts you in the top ten percent of men in terms of your success. You're already building a future for yourself, for your family.

So the first is, yeah, you're stressed out but just be clear, don't be hard on yourself. You you're doing really well. And if you are feeling stress and occasionally sort of overwhelm, that's kind of where you should be.

The art of heaviness where you have a the y access is happiness and the access access is um age IT looks like a smile and that is zero to twenty five is beer prom you making out it's a lot of fun. Star wars twenty five to forty five is what I call the chick keets real party of life is hard economic stress. Kids are stressful.

I mean, I know supposed to be all like fun in hallmark moments and things to make tiktok. It's not generally speaking, when people have kids are less happy, they're happier over the long term. But during the child dren years, IT is stressful.

So look in terms of how you develop a mindset around growth. What I have found, I mean, it's a doubt sort because you can't want to be all over everything. I think that's that's the attribute of a founder and an owner.

But at the same time, if you're fortunately to find someone good, a good property manager, someone who comes to work with you as an intern, and they are good, this is what you ve got to do. You got to be generous with that person and make IT near impossible for them to leave. why? Because greatness, right? And more borne work for that a scale, greatness and scale is in the of others.

And my my kind of core competence of storytelling. But my superpower is the ability to attract, to retain really talented people. And by the way, that's not just pack everyone more.

If someone doesn't working out, you're got to get rid of a mere small company. You don't have time to find the right role form. I am pretty harsh.

That way to get to the first ten or twenty super people, IT takes me thirty to fifty. And it's not fun, it's not aspirational, it's not pleasant, but it's hand out combat in the beginning. But when you find someone really good, you got to sit T, M, down and I say, this is our plan.

We're going to buy a commercial property here. We're going to build this asset. And i'm going to give you, you know, one to three percent of the profits.

Whatever is give them ownership. You want them to act like owners. And the only way to make them act like owners is to make them owners.

And that is say, I have my shit together. This is my plan. This is how we're going to raise capital by commercial properties is the opportunity.

And this is why you are going to participate in our success. You you should be able to recognize those people and to let go and to not be all over them. So give him some slack.

But the key to any type of scale, the key to unit being totally stressed out, and by the way, you're gonna stressed out, owners have to be all over almost everyone, almost all of the time. Greatness is in the agency of others. Focus on finding the right others and keeping them.

That's off for the episode. If you'd like to submit a question, please ml a voice recording to office hours of proper immediate outcome. Again, that's office hours prompt immediate outcome.

This epo service produced by Jennifer sanchez and Caroline shake on and jumbo is our technical director. Thank you for listening. The property pops and box apart as please follow our property markets. Pod, whether you get your pods for new episodes every monday and thursday.

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